EXHIBIT 12.1
MIDAMERICAN ENERGY HOLDINGS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
(UNAUDITED)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED
March 31, 1998 DECEMBER 31,1997
---------------------------- ----------------------------
Supplemental (a) Supplemental (a)
-------------------- --------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations ........................... $143,891 $ - $143,891 $139,332 $ - $139,332
Pre-tax (gain) loss of less than 50% owned persons .......... 2,369 - 2,369 2,234 - 2,234
-------- ------ -------- -------- ------ --------
146,260 - 146,260 141,566 - 141,566
-------- ------ -------- -------- ------ --------
Add (Deduct):
Total income taxes .......................................... 68,402 - 68,402 68,390 - 68,390
Interest on long-term debt .................................. 86,719 3,643 90,362 89,898 3,760 93,658
Other interest charges ...................................... 11,917 - 11,917 10,034 - 10,034
Preferred stock dividends of subsidiary...................... 4,951 - 4,951 6,488 - 6,488
Preferred stock dividends of subsidiary trust................ 7,980 - 7,980 7,980 - 7,980
Interest on leases .......................................... 250 - 250 268 - 268
-------- ------ -------- -------- ------ --------
180,219 3,643 183,862 183,058 3,760 186,818
-------- ------ -------- -------- ------ --------
Earnings available for fixed charges ...................... 326,479 3,643 330,122 324,624 3,760 328,384
-------- ------ -------- -------- ------ --------
Fixed Charges:
Interest on long-term debt .................................. 86,719 3,643 90,362 89,898 3,760 93,658
Other interest charges ...................................... 11,917 - 11,917 10,034 - 10,034
Preferred stock dividends of subsidiary trust................ 7,980 - 7,980 7,980 - 7,980
Interest on leases .......................................... 250 - 250 268 - 268
-------- ------ -------- -------- ------ --------
Total fixed charges ....................................... 106,866 3,643 110,509 108,180 3,760 111,940
-------- ------ -------- -------- ------ --------
Ratio of earnings to fixed charges .......................... 3.06 - 2.99 3.00 - 2.93
======== ====== ======== ======== ====== ========
Preferred stock dividends of subsidiary ..................... $ 4,951 $ - $ 4,951 $ 6,488 $ - $ 6,488
Ratio of net income before income taxes to net income ....... 1.4596 - 1.4596 1.4690 - 1.4690
-------- ------ -------- -------- ------ --------
Preferred stock dividend requirements before income tax ..... 7,226 - 7,226 9,531 - 9,531
-------- ------ -------- -------- ------ --------
Fixed charges plus preferred stock dividend requirements .... 114,092 3,643 117,735 117,711 3,760 121,471
-------- ------ -------- -------- ------ --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) .............. 2.86 - 2.80 2.76 - 2.70
======== ====== ======== ======== ====== ========
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public
Power District under a long-term purchase agreement for one-half of the
plant capacity from Cooper Nuclear Station.
-1-
EXHIBIT 12.1
MIDAMERICAN ENERGY HOLDINGS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
(UNAUDITED)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31,1996 DECEMBER 31,1995
------------------------------- --------------------------------
Supplemental (a) Supplemental (a)
--------------------- --------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations ........................... $143,761 $ - $143,761 $119,705 $ - $119,705
Pre-tax (gain) loss of less than 50% owned persons .......... (698) - (698) 9,079 - 9,079
-------- ------ -------- -------- ------ --------
143,063 - 143,063 128,784 - 128,784
-------- ------ -------- -------- ------ --------
Add (Deduct):
Total income taxes .......................................... 98,422 - 98,422 66,803 - 66,803
Interest on long-term debt .................................. 102,909 3,615 106,524 105,550 4,595 110,145
Other interest charges ...................................... 10,941 - 10,941 9,449 - 9,449
Preferred stock dividends of subsidiary...................... 10,401 - 10,401 8,059 - 8,059
Preferred stock dividends of subsidiary trust................ 288 - 288 - - -
Interest on leases .......................................... 375 - 375 1,088 - 1,088
-------- ------ -------- -------- ------ --------
223,336 3,615 226,951 190,949 4,595 195,544
-------- ------ -------- -------- ------ --------
Earnings available for fixed charges ...................... 366,399 3,615 370,014 319,733 4,595 324,328
-------- ------ --------- -------- ------ --------
Fixed Charges:
Interest on long-term debt .................................. 102,909 3,615 106,524 105,550 4,595 110,145
Other interest charges ...................................... 10,941 - 10,941 9,449 - 9,449
Preferred stock dividends of subsidiary trust................ 288 - 288 - - -
Interest on leases .......................................... 375 - 375 1,088 - 1,088
-------- ------ --------- -------- ------ --------
Total fixed charges ....................................... 114,513 3,615 118,128 116,087 4,595 120,682
-------- ------ --------- -------- ------ --------
Ratio of earnings to fixed charges .......................... 3.20 - 3.13 2.75 - 2.69
======== ====== ========= ======== ====== ========
Preferred stock dividends of subsidiary ..................... $ 10,401 $ - $ 10,401 $ 8,059 $ - $ 8,059
Ratio of net income before income taxes to net income ....... 1.6384 - 1.6384 1.5229 - 1.5229
-------- ------ --------- -------- ------ --------
Preferred stock dividend requirements before income tax ..... 17,041 - 17,041 12,273 - 12,273
-------- ------ --------- -------- ------ --------
Fixed charges plus preferred stock dividend requirements .... 131,554 3,615 135,169 128,360 4,595 132,955
-------- ------ --------- -------- ------ --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) .............. 2.79 - 2.74 2.49 - 2.44
======== ====== ========= ======== ====== ========
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public
Power District under a long-term purchase agreement for one-half of the
plant capacity from Cooper Nuclear Station.
-2-
EXHIBIT 12.1
MIDAMERICAN ENERGY HOLDINGS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
(UNAUDITED)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31,1994 DECEMBER 31,1993
------------------------------- --------------------------------
Supplemental (a) Supplemental (a)
--------------------- --------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- --------- ---------- --------
Income from continuing operations .......................... $123,098 $ - $123,098 $134,325 $ - $134,325
Pre-tax (gain) loss of less than 50% owned persons ......... (270) - (270) (597) - (597)
-------- ------ -------- -------- ------ --------
122,828 - 122,828 133,728 - 133,728
-------- ------ --------- -------- ------ --------
Add (Deduct):
Total income taxes ......................................... 60,457 - 60,457 67,485 - 67,485
Interest on long-term debt ................................. 101,267 5,428 106,695 107,044 5,678 112,722
Other interest charges ..................................... 6,446 - 6,446 5,066 - 5,066
Preferred stock dividends of subsidiary..................... 10,551 - 10,551 8,367 - 8,367
Preferred stock dividends of subsidiary trust............... - - - - - -
Interest on leases ......................................... 1,211 - 1,211 1,876 - 1,876
-------- ------ -------- -------- ------ --------
179,932 5,428 185,360 189,838 5,678 195,516
-------- ------ -------- -------- ------ --------
Earnings available for fixed charges ..................... 302,760 5,428 308,188 323,566 5,678 329,244
-------- ------ -------- -------- ------ --------
Fixed Charges:
Interest on long-term debt ................................. 101,267 5,428 106,695 107,044 5,678 112,722
Other interest charges ..................................... 6,446 - 6,446 5,066 - 5,066
Preferred stock dividends of subsidiary trust............... - - - - - -
Interest on leases ......................................... 1,211 - 1,211 1,876 - 1,876
-------- ------ --------- -------- ------ --------
Total fixed charges ...................................... 108,924 5,428 114,352 113,986 5,678 119,664
-------- ------ --------- -------- ------ --------
Ratio of earnings to fixed charges ......................... 2.78 - 2.70 2.84 - 2.75
======== ====== ========= ======== ====== ========
Preferred stock dividends of subsidiary .................... $ 10,551 $ - $ 10,551 $ 8,367 $ - $ 8,367
Ratio of net income before income taxes to net income ...... 1.4524 - 1.4524 1.4729 - 1.4729
-------- ------ --------- -------- ------ --------
Preferred stock dividend requirements before income tax .... 15,324 - 15,324 12,324 - 12,324
-------- ------ --------- -------- ------ --------
Fixed charges plus preferred stock dividend requirements ... 124,248 5,428 129,676 126,310 5,678 131,988
-------- ------ --------- -------- ------ --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ............. 2.44 - 2.38 2.56 - 2.49
======== ====== ========= ======== ====== ========
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public
Power District under a long-term purchase agreement for one-half of the
plant capacity from Cooper Nuclear Station.
-3-